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Saudi eases access to long-hidden ancient ruins
- October 7,2012
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- SUSTG Team
“Spectacular… wonderful… breathtaking,” she says. “But where are the tourists? If we had a site like this in my country, we would have millions of tourists!” Dating back to the second century BC, the Nabataean archaeological site, also known as Madain Saleh, has long been hidden from foreign visitors in this ultra-conservative kingdom that rarely […]
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GE Sees Gas Turbine Sales Gain Amid Saudis’ Solar Shift
- October 4,2012
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- SUSTG Team
General Electric Co. GE predicts demand for its gas turbines will increase in Saudi Arabia, even with the kingdom working to supply a third of power needs from solar energy within the next two decades. Saudi Arabia already has 500 installed gas turbines from GE that generate about half its electricity, and the Middle Eastern […]
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Modernity and tradition: Khalid Habash’s stunning photos of Saudi
- October 1,2012
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- Lucien Zeigler
It is no secret that Saudi Arabia’s economy and society are modernizing at a remarkable pace. Already the Arab world’s largest economy, the Kingdom also has one of the world’s highest GDP growth rates. Government spending is expansive and investment in infrastructure, education and numerous other sectors are at all time highs. Soon to be […]
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Confronting Tremendous Challenges: Prince Turki al-Faisal
- September 28,2012
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- SUSTG Team
I think Saudi Arabia over the past 80 years has been going through an Arab Spring. When you look at the Kingdom when I was born in it for example, 1945, there were no schools in Saudi Arabia. There were no roads. Disease and poverty were the rule rather than the exception. Since then, the […]
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US Eximbank OKs record-breaking $5 bln loan for Saudi petchem complex
- September 28,2012
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- SUSTG Team
In its largest job-supporting authorization to date, the board of the Export-Import Bank of the United States (Ex-Im Bank) has approved a $4.975 billion direct loan to Sadara Chemical Company for the export of American goods and services required in the construction of a petrochemical complex in Jubail Industrial City II in the Kingdom of […]
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Saudi restoration commemorates pact of princes, clerics
- September 27,2012
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- SUSTG Team
Climb the rickety ladder through the Emir Omar bin Saud Palace courtyard in crumbling Diriyah and the image of old Saudi Arabia suddenly appears in an adobe roofscape set against dark green palms. The caramel tones of the mud walls, the smell of dust mingling with water and the muffled clanging of hammer on stone […]
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U.S. Approval Eroding in MENA Before Film Controversy
- September 24,2012
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- SUSTG Team
Approval of U.S. leadership in the Middle East and North Africa (MENA) region was already slipping before the recent wave of anti-U.S. protests across the region. An average of 20% of adults across 12 MENA countries Gallup surveyed between January and May 2012 approved of the job performance of the leadership of the U.S. This […]
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Jadwa: Private sector leads real GDP growth in Q2
- September 21,2012
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- SUSTG Team
Jadwa Investment recently released a report about GDP growth in Saudi Arabia, noting that the private sector was leading real GDP growth in the second quarter of 2012. Latest economic growth data released last week confirm that the healthy performance of the Saudi economy continued into the second quarter of 2012 albeit at slower pace than previous […]
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Abdullah Alireza speaks at C3 Summit
- September 20,2012
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- Richard Wilson
SUSTG attended the C3 Summit in New York City September 13-14, 2012. This was the inaugural event in what the organizers anticipate will be an annual gathering to ‘build new relationships, foster existing partnerships and exchange best practices’ between the U.S. and the Arab world. C3 (Community, Collaboration and Commerce) is looking to host the […]
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Saudi Arabia says job-creation policy bears fruit
- September 18,2012
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- SUSTG Team
Saudi Arabia, grappling with chronic youth unemployment, has created 380,000 new jobs in 10 months by requiring private firms to employ Saudis, Labor Minister Adel al-Fakeih said, the Saudi Gazette reported on Monday. “This figure is 20 times what had been previously achieved over the past five years before Nitaqat (the main jobs program) was […]
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MUST-READS
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Saudi expands strategic toolbox with Lenovo deal
By the usual standards, Lenovo’s (0992.HK), opens new tab new debt deal doesn’t make much sense. The $2 billion convertible bond, opens new tab, sold exclusively to a unit of Saudi Arabia’s Public Investment Fund, pays no interest and carries a conversion threshold of HK$10.42 per share that is already below the company’s current stock price. But the security cannot be exchanged for shares until just before it matures in 2027. On the face of it, the laptop maker is getting the better end of the deal.
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Will Saudi-Iranian Relations Be Affected By Raisi’s Demise?
The Saudi government took further steps by dispatching a delegation to Tehran, including Prince Mansour bin Miteb bin Abdulaziz, adviser to King Salman and minister of state, and Foreign Minister Prince Faisal bin Farhan. They were joined by Saudi Ambassador to Tehran Abdullah Al-Anazi. The delegation met with Acting Foreign Minister Ali Bagheri Kani and paid their respects to the victims of the helicopter crash.
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Saudi banks witness 8 percent surge in Q1 earnings, reaching $4.97 billion
Saudi Arabia’s top 10 listed banks saw their earnings surge in the first quarter (Q1) of 2024 by 8 percent to reach SAR18.65 billion ($4.97 billion), compared to the same period the previous year. This increase can be attributed to several factors, including an 11 percent growth in lending and a rising interest rate environment that has heightened the cost of credit.
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Saudi Arabia outlines steps to improve comfort for Hajj pilgrims
Authorities in Saudi Arabia have outlined how they are making Hajj as comfortable as possible for pilgrims arriving in Saudi Arabia. The Saudi Press Agency documented the arrival of pilgrims from various nationalities at the Prophet’s Mosque, highlighting the extensive care provided by the the General Authority for the Affairs of the Grand Mosque and the Prophet’s Mosque.
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First Syrian jet in over a decade transports Muslim worshippers to Saudi Arabia for Hajj pilgrimage
For the first time in over a decade, 270 Syrians traveled on a direct flight early Tuesday from Damascus to Saudi Arabia for the annual Islamic Hajj pilgrimage, the Syrian Transportation Ministry said. The development is part of an ongoing thaw in relations between Damascus and Riyadh, which days ago appointed Saudi Arabia’s first ambassador to war-torn Syria since severing ties in 2012.
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Harvard graduation ceremony witnesses emphasis on Gaza
In her original speech, which was titled “The Power of Not Knowing,” Kumar said: “Now, we are in a moment of intense division and disagreement in our community over the events in Gaza. I see pain, uncertainty, and unrest across campus. It’s now, in a moment like this, that the power of ‘not knowing’ becomes critical.”
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Latest Saudi textbooks reflect an increasingly positive shift toward Jews, Israel – IMPACT-se
Saudi Arabia’s school curriculum has shown positive improvements in tolerance and inclusivity and significant moderation of anti-Israel material, a new study by The Institute for Monitoring Peace and Cultural Tolerance in School Education (IMPACT-se) revealed Tuesday.
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Saudi Arabia’s non-oil sector projected to grow 4.8 percent in 2024, 5.2 percent in 2025: Report
The analysis noted that Saudi’s non-oil sector will accelerate further in 2025, with a projected expansion rate of 5.2 percent.
Riyad Capital noted, “We project continued solid growth for non-oil activities, fostered by a growth-oriented fiscal policy with a focus on increased investment spending, which will spur growth in the coming years.”
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Saudi Arabia to Raise $10 Billion to $20 Billion in Fresh Aramco Stock Sale
The long-awaited offering, if it proceeds, would alleviate near-term pressure on the kingdom to raise funds. Saudi Arabia has a slew of mega projects including a new city and a global airline, all aimed at diversifying the economy beyond oil. The country supersized a $12 billion debt sale earlier this year and has transferred billions from its foreign-currency reserves to its sovereign-wealth fund.
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Privatizing the Gulf Utility Sector
The utility sector in the Gulf is especially energy intensive, largely due to heavy reliance on desalination for water supplies. The sector has faced criticism for its high carbon emissions and contribution to environmental degradation. Given the significant environmental impact, privatization could offer opportunities to enhance the sustainability of the utility sector and help it become more climate resilient, as extreme temperatures and sea-level rise can affect both groundwater resources and desalination plants.
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